21st Century Fox made a bold bid to acquire Time Warner Inc., a takeover that would put some of the world's best-known media brands under one roof—but which also faces formidable obstacles.

Fox made an $80 billion cash-and-stock offer that Time Warner rejected last week for reasons that included the price, said people familiar with the matter. The companies on Wednesday confirmed the offer.

The bid is likely more than a...

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Time Warner rejected an $80 billion offer made by 21st Century Fox that would have united two behemoths in the media world. Dennis Berman joins Moneybeat. Photo: Getty Images.